{"F": {"ts_code": "002362.SZ", "name": "汉王科技", "mkt": "CN", "ccy": "元", "sw1": "计算机", "sw2": "软件开发", "sw3": "垂直应用软件", "ind": "软件开发", "fin_source": "tushare", "market": "主板", "list_date": "20100303", "is_fin": false, "roles": {"fin": false, "commodity": false, "precious": false, "regulated": false, "hard": false, "growth": true}, "province": null, "main_business": "", "introduction": "", "close": 16.17, "pe_ttm": null, "pb": 4.5725, "dv_ttm": null, "total_mv": 395283.2499, "trade_date": "20260904", "years": ["20201231", "20211231", "20221231", "20231231", "20241231", "20251231"], "multi_year": true, "gm_series": [54.0, 49.4, 40.3, 41.7, 40.9, 40.9], "rev_series": [15.6, 16.1, 14.0, 14.5, 18.2, 18.9], "np_series": [1.0, 0.5, -1.4, -1.3, -1.1, -2.0], "roe_series": [8.8, 3.6, -9.3, -10.2, -9.2, -18.8], "period": "20260630", "rev_ttm": 19.1, "np_ttm": -2.3, "ocf_ttm": -0.8, "fcf_ttm": -1.7, "fcf_yield": -4.4, "ocf_yield": -2.1, "gm_median": 40.9, "gm_std": 3.4, "gm_stab": 0.92, "gm_chg_2022": -13.7, "npm_median": -9.9, "roe_median": -9.3, "commodity": false, "hard_ratio": 8.0, "fix_assets": 1.5, "goodwill_ratio": 0.1, "pb_calc": 4.57, "capex_dep": 5.55, "interest_debt": 4.3, "debt_ebitda": null, "debt_ratio": 46.8, "debt_mv": 10.9, "payout": null, "div_years": 0, "rev_cagr3": 10.5, "np_cagr3": null, "rev_yoy": 2.4, "np_yoy": -51.9, "np_vol": 134.0, "loss_years": 4, "far_share": 100, "earn_yield": null, "consensus_n": 0, "fwd_pe": null, "fwd_pe2": null, "fwd_g1": null, "fwd_g2": null, "peg": null, "consensus_disp": null, "mainbz": [["产品", 50.0], ["笔智能交互", 30.0], ["AI终端", 14.0], ["多模态大数据业务", 5.0]], "ret_prev_year": -4.5, "ret_prev2_year": -11.6, "ret_ytd": -25.3, "ret_pivot": 3.3, "prev_year": "2025", "prev2_year": "2024", "ret_20": 1.5, "ret_60": -14.0, "ret_120": -20.5, "ret_250": -37.8, "mdd_250": -46.0, "vol_250": 37.8, "pos_52w": 62.3}, "S": {"duration": 100, "pricing": 56, "hard": 13, "bondness": 12}, "label": "亏损或困境", "tags": ["近5年≥2年亏损", "资本开支扩张期"], "text": {"像什么": ["TTM 归母净利 -2.3 亿,近 5 年亏损 4 年;PE 为负,估值指标失真。", "资产负债率 47%,有息负债 4 亿,经营现金流/市值 -2.1%:先看现金流能否覆盖利息,再谈久期。"], "为什么(不)算钱的替代品": "只占定价权一条(毛利率 40.9%),硬资产占比 8%。分子能跟上通胀,但没有重置成本对冲;按'定价权·品牌'看,不按硬资产看。", "加息期怎么走": "利率上行对高杠杆亏损企业是再融资压力,不是估值问题;周期底部的反转看行业价格,不看贴现率。", "四问": [["当前 FCF 能覆盖多少市值?", "自由现金流/市值 -4.4%(经营现金流/市值 -2.1%)。极低或为负。"], ["能否每年提价而不掉量?", "毛利率近 5 年中位 40.9%,稳定度 92%,2020→2022 成本通胀期毛利率变化 -13.7 个百分点。取决于竞争。"], ["资产重置成本随通胀涨吗?", "固定资产 + 在建占总资产 8%,资本开支/折旧 5.55 倍。没有资产可言。"], ["估值里多少来自 5 年后的故事?", "按 PE 为负 粗算,约 100%(1 − 5/PE)。>70%,把 5 年后的假设砍一半,这个股票值多少钱?"]], "价格行为": "近一年 -38%,最大回撤 -46%,年化波动 38%,现价在 52 周高点的 62%;近 20 / 60 / 120 日 2% / -14% / -20%。", "行业对照": ["同申万二级「软件开发」135 家中位:PE 82.7 / 股息率 0.5% / 毛利率 48.7% / 固定资产占比 9% / 分红率 45%。", "汉王科技:PE ;股息率 ;毛利率 比行业中位低 7.8个百分点;固定资产占比 比行业中位低 0.8个百分点。"]}}